Title
Approval of the Proposed 2018 Operating Plan and Budget for the First and Main North Business Improvement District
Presenter:
Carl Schueler, Comprehensive Planning Manager
Body
Summary:
The First and Main North Business Improvement District (BID) is a legal entity separate from the City of Colorado Springs. However, as required by State statute, it is necessary for City Council to review and approve the proposed 2018 Operating Plan and Budget for the BID.
Previous Council Action:
City Council approved formation of this BID in 2004 (Ordinance No. 04-51) and has approved the BID's Operating Plan and Budget annually since its formation.
Background:
The boundaries of this development-specific BID were established pursuant to an election in 2004. This BID has an elected board, which is comprised of individuals associated with Nor'wood Development Group. The District is authorized to provide the acquisition of improvements, construction of improvements, operation and maintenance of parking facilities, roadways, lighting, driveways, public utilities, and landscaping.
The Operating Plan and Budget propose a significant change to the mill levy for this BID in 2018 (see below).
This Operating Plan and Budget is provided in format consistent with the new standard template approved by Council in August 2014 for these documents.
Financial Implications:
The District issued $1,927,000 in Limited Tax General Obligation Bonds, Series 2005 for infrastructure improvements. The bonds financed public improvements which included streets, parking, water lines, and sewer lines, and carry an interest rate of 6.0%. These bonds are privately placed with this developer. Additionally, the developer associated with this BID advanced $105,000 to the District related to additional public improvements costs.
The proposed mill levy for the BID in 2018 is 51.000 mills (1.000 mill for general expenses and 50.000 mills for debt service). This represents ...
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